The latest dip was much less severe than the previous couple of dips, showing signs that BTC is ready to continue higher. So far, that’s been 100% true.
Bitcoin initially fell during the trading session on Thursday, but it looks like the $95,000 level, an area that had been significant resistance previously, is going to hold as support. If that, in fact, is the case, this is a very good sign for Bitcoin as this market likes big figures and support and resistance levels at them.
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We had been consolidating for a while, for about 2 months, and now we're starting to turn things around in what I thought would be an inevitable recovery. I just didn't know if it was going to be here or if it was going to be lower.
The latest dip was much less severe than the previous couple of dips, and that is classic technical analysis. I think at this point, the next barrier obviously will be the 200-day EMA, right around the $99,500 region.
Targeting $107,000
And then after that, there might be a little psychology at play at $100,000, but my target is $107,000. I do think this pair, the Bitcoin versus US dollar pair, continues to look very bullish, as traders look to take on more risk in their portfolios.
I also think that institutions picked up quite a bit of cheap Bitcoin, and now we're starting to see the work pay off. Ultiamtely, this is a Wall Street asset, so the momentum could be slower, but it will be relentless once it takes hold.
At this point, we are not technically in a bullish trend because we're below the 200-day EMA, but for me, it's close enough for government work. I am bullish. With that, pullbacks should continue to be buying opportunities.
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